Driven by increasing demand worldwide, the milk market is expected to grow at an expected CAGR of +1.7 percent for the period from 2020 to 2030. Which is expected to bring the market volume to 1.2 billion tons of milk consumption by the end of 2030.
In 2020, the global milk market increased by 1.9% year-on-year to $ 757.1 billion. According to a new report by IndexBox, the market value increased by an average of +1.8% per year between 2010 and 2020. Over the next decade, the market is expected to grow at an expected CAGR of +1.7% per year, from 1.0 billion tons in 2020 to 1.2 billion tons by the end of 2030.
India, US and Pakistan account for a third of milk consumption
The countries with the highest milk consumption in 2020 were India (188 million tons), the USA (118 million tons) and Pakistan (61 million tons), with a combined share of 36% in global consumption. Pakistan recorded the highest consumption growth in the past decade, while other countries experienced a more modest growth rate.
In terms of value, the largest milk markets worldwide were India ($ 137.3 billion), the US ($ 103.4 billion) and Pakistan ($ 53.6 billion), with a combined market share of 39% in the global market. China, Brazil, New Zealand, Russia, Germany, Turkey, France, the Netherlands, Poland and the UK were slightly behind, together accounting for another 28%.
In 2020, the highest per capita milk consumption was recorded in New Zealand (6,314 kg per person), followed by the Netherlands (1,111 kg per person), Germany (589 kg per person) and France (531 kg per person). While the world average consumption of milk per capita was estimated at 130 kg per person.
From 2010 to 2020, the average annual growth in milk consumption per capita in New Zealand was +1.3%. In the other countries, the average annual figures were as follows: the Netherlands (+2.3% per year) and Germany (+1.6% per year).
After two years of decline, purchases of milk abroad increased by 0.6% to 11 million tons in 2020. The total import volume has increased by an average of +1.6% on an annual basis over the past ten years.
In terms of value, milk supplies rose sharply to $ 5.9 billion in 2020. Germany (2.6 million tonnes), followed in the distance by Italy (1,308 K tonnes), Belgium (868K tonnes), the Netherlands (747K tonnes), China (733K tonnes), Ireland (645K tonnes) and Lithuania (520K tonnes) represented the main milk importers, together accounting for 68% of total stocks. The following importers-Russia (232K tonnes), Croatia (200k tonnes), the UK (193k tonnes) and Romania (188k tonnes) – each accounted for 7,4% of total imports.
From 2010 to 2020, China achieved the most notable growth rate in terms of purchases, among the main importing countries, while imports experienced a more modest growth rate for the other world leaders.
In terms of value, Germany ($ 1 billion), Belgium ($ 625 million) and China ($ 598 million) appeared to be the countries with the highest import levels in 2020, with a combined 38% share of global imports.
The average milk import price in 2020 was $541 per tonne, an increase of 4.4% over the previous year. There were significant differences in average prices between the main importing countries. In 2020, China ($816 per ton) was the country with the highest price, while Lithuania ($367 per ton) was among the lowest. From 2010 to 2020, Belgium achieved the most notable growth rate in terms of prices, while the other world leaders saw mixed trends in import price figures.